| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 74th | Good |
| Demographics | 46th | Good |
| Amenities | 39th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3500 San Clemente Ave, Modesto, CA, 95356, US |
| Region / Metro | Modesto |
| Year of Construction | 1985 |
| Units | 120 |
| Transaction Date | 2014-02-03 |
| Transaction Price | $10,400,000 |
| Buyer | Fig Garden/Bird Limited Partnership |
| Seller | Carmel Woods (CAP), LLC |
3500 San Clemente Ave Modesto Multifamily Investment
This 120-unit property built in 1985 benefits from neighborhood-level occupancy at 100%, indicating strong rental demand fundamentals according to CRE market data from WDSuite.
Located in an Inner Suburb neighborhood rated B+ among 130 Modesto metro neighborhoods, this area demonstrates solid fundamentals for multifamily investment. The neighborhood ranks in the top quartile nationally for housing metrics and maintains 100% occupancy at the neighborhood level, significantly outperforming typical market conditions. With 44.6% of housing units renter-occupied, the area provides a substantial tenant base for multifamily properties.
Demographic data aggregated within a 3-mile radius shows a stable population of approximately 76,000 residents with median household income of $78,503. Five-year projections indicate household growth of 35.7% and median income increases to $117,682, supporting expanded rental demand. The forecast suggests renter-occupied units will represent 31.2% of total housing stock, indicating continued multifamily demand despite some shift toward ownership.
The property's 1985 construction year aligns with the neighborhood average of 1980, suggesting consistent building stock that may present value-add renovation opportunities for investors seeking to differentiate units. Current median contract rents of $1,686 rank in the top quartile among metro neighborhoods, while home values at $477,698 create affordability pressures that sustain rental demand. The rent-to-income ratio indicates potential affordability considerations for lease management strategies.
Amenity density includes 1.47 grocery stores per square mile, ranking above metro median, along with 4.40 restaurants per square mile. School ratings average 3.0 out of 5, ranking in the top quartile among metro neighborhoods. Limited childcare and pharmacy options may present tenant retention considerations, though park access at 0.73 per square mile ranks in the 80th percentile nationally.
Safety metrics show property offense rates of 749 per 100,000 residents, ranking 82nd among 130 metro neighborhoods with a 29th percentile nationally. However, recent trends indicate improvement, with property offense rates declining 31.9% year-over-year, ranking 8th among metro neighborhoods for crime reduction progress.
Violent crime rates at 59 per 100,000 residents rank in the middle tier among metro neighborhoods at 53rd of 130, with a 40th percentile nationally. More encouraging for investors, violent crime has decreased 47.9% year-over-year, ranking 12th among metro neighborhoods for improvement trends and reaching the 85th percentile nationally for crime reduction.
The employment base includes corporate offices within commuting distance, providing workforce housing opportunities for professional tenants.
- Clorox — corporate offices (17.5 miles)
This 120-unit property built in 1985 presents a compelling investment opportunity anchored by exceptional neighborhood-level occupancy fundamentals. The 100% occupancy rate significantly outperforms typical market conditions, while demographic projections show household growth of 35.7% over five years, expanding the potential tenant base. Commercial real estate analysis from WDSuite indicates the neighborhood ranks in the top quartile nationally for housing metrics, supporting long-term rental demand stability.
The property's vintage aligns with neighborhood averages, presenting potential value-add renovation opportunities to capture higher rents in a market where median contract rents rank in the top quartile among metro neighborhoods. Home values approaching $480,000 create affordability barriers that sustain rental demand, while projected income growth to $117,682 supports tenant retention and potential rent growth over the investment horizon.
- Exceptional 100% neighborhood occupancy indicates strong rental demand fundamentals
- 35.7% projected household growth over five years expands tenant base
- 1985 construction offers value-add renovation potential in top-quartile rent market
- Home values near $480,000 sustain rental demand through ownership affordability constraints
- Risk: Low rent-to-income ratio suggests potential affordability pressure requiring careful lease management